To advise members
of the position held by the Authority in its capacity as the
Accountable Body for the Government funding awarded to support the
construction of the new GlosCol college campus in Cinderford,
and

To seek authority to manage the flow of external funding held on
behalf of GlosCol, on the terms stipulated by Government for its
release

Having fully considered all the available
information, the Cabinet Member decided to reject the alternative
options and take the recommended decision to:

Delegate authority
to the Commissioning Director: Communities and Infrastructure, in
consultation with the Lead Cabinet Member and Strategic Finance
Director, to enter into a funding agreement with GlosCol under which the County Council shall pay
funding (that is £2.6m) to GlosCol from sums that have been loaned by the HCA
to the County Council and which may result in the County Council
becoming obliged to repay such loan to the HCA from the
Council’s own resources